Europe crypto regulation
European cryptocurrency technology
Today, cryptocurrencies have turned the global financial market. And every day more and more people are not only interested, but also become participants in operations with cryptocurrency. The cryptocurrency itself, despite a single concept, combined two opposite areas at once. The first is technology, to which authorities in almost all countries have an increased interest, but here lies one of the main contradictions with the second area – the economy. Cryptocurrency technology is in most cases open and accompanied by a community that advocates freedom and has a mediocre relationship to money. But the economic side of cryptocurrencies is perceived in different countries in different ways. Some are calm and gradually introduce regulation, while others do not see ways of application and believe that the use of free digital assets can only be for conducting illegal transactions.
Features of European cryptocurrency regulation
Bulgarian regulation of cryptocurrency
The regulation of cryptocurrencies in Bulgaria regards digital money as a financial asset. This state has recognized the legitimacy of Bitcoin. The main condition for the use of cryptocurrency in Bulgaria is the payment of a tax of 10% from the exchange or sale.
Regulation of cryptocurrency in UK
The UK Tax Service (HMRC) defines cryptocurrencies as assets or «private money», and also reserves the right to levy certain taxes when carrying out transactions related to cryptocurrencies. The new rules would require traders to report suspicious transactions and disclose their identity. According to the regulator, the fact that transactions now take place anonymously makes the cryptocurrency market attractive to criminals.
Crypto regulation in the Czech Republic
The Czech Republic was one of the first in the world to take steps to regulate cryptocurrencies. Anonymity of transactions was restricted – crypto exchanges and other exchange services obliged to verify their clients in order to counter money laundering and terrorist financing. But transactions with cryptocurrencies are not taxed and are not subject to licensing. In general, local authorities are loyal to cryptocurrency.
Swiss crypto regulation
Switzerland quickly legitimized the rapidly growing cryptocurrency industry by publicly declaring bitcoin and other digital currencies as payment devices. Certain companies dealing with classic currencies (primarily exchange exchanges and exchanges) are required to obtain licences, as well as to comply with standard requirements to counter money laundering and terrorist financing, including identifying their customers The regulation of cryptocurrencies in Sweden assumes that transactions with cryptocurrencies are not subject to VAT, and mining is taxed on income from work or income from business.